The Business Model Innovation Process

2 Business model innovation

DOI: 10.4324/9781003215097-3

This chapter sheds light on the complexity, uncertainty, and risks involved in the process of business model innovation.

The main aims are:

• To clarify our understanding of the term “business model innovation”.
• To introduce various types of closed/open innovation possibilities available for companies to innovate their business models with.
• To introduce and discuss various decision-making methods and tools needed under various levels of uncertainty.
• To link uncertainty with complexity, risks, and risk management, and propose a risk management framework that could be coupled with the actual business model innovation process.

2.1 Introduction

Companies today, in some industries more ...